The group, which has 752 homes and 31,000 residents, has been locked in negotiations over a restructuring of the group's property arrangements, but following the landlords' decision it is now working on a plan to facilitate the transition of homes to new landlords and their new operators.
Southern Cross said that, to ensure continuity of care to residents, all payments to trade creditors are to be maintained and all home-based staff transferred on their current terms.
It added that it is expected the existing group will cease to be an operator of homes at the end of the restructuring period. The company's shares have been suspended with immediate effect.
Care home operator Southern Cross confirmed today that it is to close down after the landlords of its properties abandoned the company.
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